Excess Cash Flow Payment Sample Clauses
The Excess Cash Flow Payment clause requires a borrower to use a portion of its surplus cash, typically calculated at the end of a financial period, to make additional payments on outstanding debt. This clause usually applies when the borrower's cash flow exceeds certain thresholds after accounting for operating expenses, capital expenditures, and other required payments. Its core function is to accelerate debt repayment when the borrower is performing well, thereby reducing lender risk and potentially shortening the loan term.
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Excess Cash Flow Payment. Commencing on March 31, 2005 and on the end of each calendar quarter thereafter, if there is any unpaid balance on the Facility B Maximum Principal Amount, Borrower shall pay to Lender on the 10th day of the month following such date of determination, in addition to the regularly scheduled principal payments on the Facility B Maximum Principal Amount to be made by Borrower under Section 3.5(a), 50% of the Excess Cash Flow accrued or realized during the calendar quarter. Each such payment shall be applied by Lender first to the installments of the Facility B Maximum Principal Amount in inverse order of maturity, next to the Additional Sums or other costs or charges provided for herein, and then to accrued and unpaid interest on the Facility B Maximum Principal Amount.
Excess Cash Flow Payment. Not less than twenty (20) days following each two calendar month period, with the first such two month period commencing April 1, 1998, the Issuer shall (a) deposit in immediately available funds with the Trustee in a fund which the Trustee may establish for the benefit of the Securityholders an aggregate amount equal to Excess Cash Flow, if any, for the prior two month period, and (b) regardless of whether any repayment of principal is required under this Section, provide the Trustee and each Securityholder with a written notice containing in reasonable detail the Issuer's calculation of Excess Cash Flow. Excess Cash Flow shall be applied first to accrued, unpaid interest on an equal and ratable basis among the Securityholders in proportion, as nearly as practicable, to the respective unpaid principal amount due each Securityholder, adjusted for any reduction in principal as to any Securityholder pursuant to Section 13, so that the sum distributed accurately reflects the interest accrued by such Securityholder as a percentage of the total interest paid for in such two month period and the balance thereof shall be applied to principal as set forth herein. Any repayments of principal required by this Section shall be paid on an equal and ratable basis among the Securityholders in proportion, as nearly as practicable, to the respective unpaid principal amounts of the Securities held by each Securityholder without taking into account any reduction in principal pursuant to Section 13, except to the extent such failure to take into account such principal reductions pursuant to Section 13 would result in a payment of an amount in excess of the principal sum due to such Securityholder. The reduction in the principal amount of the Securities effected by repayments made under this Section may be made without presentation of the Securities and shall be binding on all future Securityholders. Securityholders shall make the appropriate notation on the Securities to indicate the amount of any repayments under this Section. If there is no Excess Cash Flow, nothing herein shall be construed to create an obligation to make a payment for such period. The Excess Cash Flow payment will be made in the following manner. At least 5 days (or other period of time the Issuer and the Trustee may agree upon) prior to the date on which the Issuer is required to make such the payment required by this Section 3.7, the Issuer shall give the Trustee written notice of such payment, which n...
Excess Cash Flow Payment. (a) If the Company has in excess of $2.0 million of Excess Cash Flow for any Excess Cash Flow Period, within 105 days after the end of such Excess Cash Flow Period, the Company shall apply an amount equal to the Excess Cash Flow Amount to either:
(1) permanently prepay, repay, redeem or purchase Senior Indebtedness of the Company; or
(2) subject to the limitations set forth in Section 6.3(b) of the GECC Credit Facility or the limitations contained in any other Senior Indebtedness so long as such limitations are no more restrictive than Section 6.3(b) of the GECC Credit Facility, make an offer to the Holders of the Securities to purchase Securities pursuant to an Excess Cash Flow Offer (as defined below). Each Offer to purchase Securities pursuant to this Section 4.14 (each, an “Excess Cash Flow Offer”) shall be made to each Holder of Securities outstanding at the time of such offer, shall offer to purchase Securities at a purchase price of 101% of their principal amount and shall remain open for a period of not less than 30 days (or any longer period as is required by law).
(b) If the Company is required to make an Excess Cash Flow Offer pursuant to this Section 4.14, no later than 105 days after the end of the applicable Excess Cash Flow Period, the Company will mail a notice of such Excess Cash Flow Offer to each Holder stating:
(1) that the Company is offering to purchase Securities in an amount equal to the Excess Cash Flow Offer Amount (determined after giving effect to any prepayments, repayments, redemptions or purchases of Senior Indebtedness of the Company made pursuant to paragraph (a)(1) of this Section 4.14) at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant date to receive interest on the relevant interest payment date);
(2) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and
(3) the instructions, as determined by the Company, consistent with this Section 4.14, that a Holder must follow in order to tender its Securities.
(c) If the aggregate purchase price of the Securities tendered in connection with any Excess Cash Flow Offer exceeds the Excess Cash Flow Amount allotted to their purchase, the Company will select the Securities to be purchased on a pro rata basis but in denominations of $1,000 principal...
Excess Cash Flow Payment. The Restructured Term Loans shall be subject to quarterly mandatory prepayments equal to 75% of the Borrower’s Excess Cash commencing with the fiscal quarter ending March 31, 2013; provided, however, that each such mandatory prepayment shall be reduced to an amount equal to 50% of the Borrower’s Excess Cash if on the applicable quarterly payment date the Borrower’s Consolidated Total Leverage Ratio is less than or equal to 2.25:1.00.
Excess Cash Flow Payment. 1 The Applicable Excess Cash Flow Percentage shall be 50%; provided that, if on the last day of the relevant Excess Cash Payment Period, the Secured Net Leverage Ratio for the Test Period then most recently ended for which financial statements have been delivered pursuant to Section 9.01(a) or (b) (as set forth in the officer’s certificate delivered (or required to be delivered) with respect to such Test Period pursuant to Section 9.01(e)), is (i)(a) less than or equal to 2.00:1.00 and (b) greater than 1.00:1.00, then the Applicable Excess Cash Flow Percentage shall instead be 25% or (ii) less than or equal to 1.00:1.00, then the Applicable Excess Cash Flow Percentage shall instead be 0%. Table of Contents Available Amount Calculation: the sum of (during the Available Amount Reference Period), without duplication:
Excess Cash Flow Payment. In addition to the amounts required under subclauses (b) and (c) above, the Borrower shall make (i) an annual principal payment on the Term Loan for each fiscal year of the Borrower on the Annual Excess Cash Flow Payment Date for such year in an amount equal to the Excess Cash Flow Payment Amount for such year less any Intermediate Excess Cash Flow Payments paid during such year (to the extent not already deducted in calculating Excess Cash Flow); and (ii) immediately prior to the Borrower or any Subsidiary making a Restricted Payment, a principal payment from time to time on the Term Loan on each Intermediate Excess Cash Flow Payment Date in an amount equal to the Excess Cash Flow Payment Amount for the fiscal quarters of the fiscal year of the Borrower that have expired as of such Intermediate Excess Cash Flow Payment Date less any Intermediate Excess Cash Flow Payments paid during such year (to the extent not already deducted in calculating Excess Cash Flow). All Excess Cash Flow Payments required under this subclause (d) shall be applied pro rata to the Term Loan.